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| SP500 Cash Index - 2 Hr - Triangle for Minor B |
The problem is we would like to not see the minute ((e)) wave of a triangle land directly on the minute ((a)) to ((c)) trend line.
The second count is a potential diagonal downward for a longer minute ((c)) wave of Minor B.
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| SP500 Cash Index - 2 Hr -Diagonal or Impulse for Minute ((c)) of Minor B |
The clear problem with this count is that there just are insufficient waves to begin to call either a diagonal or an impulse downward. They might happen in the overnight or on the open tomorrow. But, they are not in sight at this time. The benefit of the second count would be that it would give the B wave better proportions to the A wave.
So, let's see what tomorrow's payroll numbers say, and perhaps there will be more clarity. Again flexibility, patience and calmness are needed.
Have a good start to your evening.
TraderJoe
Reversals out of triangle e waves do tend to be quite sharp. Looks to me like the second count has a higher probablility. VIX also not cofirming triangle completion.
ReplyDelete"Billy May 5, 2020 at 1:36 PM
ReplyDeletePresently looking for 3 waves down for b of ii of C noting the 61.8% retrace level is near ES 2826."
Looks good, next would be c of ii to 29xx then pull the rug out.
IMHO we have one more 4 and 5 to do on the overnight impulse up. Then we fart around till the unemployment numbers on Friday. I bet both counts will still be open by then. Only the banks get free money deposited in their accounts.
ReplyDeleteAbove was me.
ReplyDeleteSpending more time to complete the ((d)) wave of the triangle?
ReplyDeleteAAII survey this week is most bears, least bulls for the year.
ReplyDeleteI have this morning rally as i of a five wave C (of some wave yet to be determined.) We had a pullback in ii, and now rally eclipsed wave i high, so third wave of iii should really juice rally the rest of trading day. There's a gap in So cash at 2940, so maybe that the target (maybe not.)
ReplyDeleteGood morning. If yesterday, was 'b' down, and today is 'c' up, then the entire move today - from yesterday's low to today's high - 'should' be retraced lower.
ReplyDeletehttps://invst.ly/qpv21
TJ
ET, What are your thoughts on gold? That 4hr diagonal does not look right anymore.
ReplyDeleteLooks like a triangle from the high.
Delete? huh; degree labeling pretty much demands the diagonal occurred at the high. See chart below. Then, there are a clear non-overlapping five-waves down.
Deletehttps://invst.ly/qpw51
TJ
was thinking the current move was finished ABC from the 1738 high. Pretty impressive bull trap if it is - everyone seems to be seeing a triangle breakout.
DeleteThx for the response!
ReplyDeleteES 15-min. Impulsive breach of intraday up trend line, lower.
ReplyDeletehttps://invst.ly/qpy2z
TJ
..five waves down, and a break of the triangles d & e waves, lower.
Delete..updated chart with five-waves-down.
Deletehttps://invst.ly/qpyry
TJ
Reminder of the Interactive Broker's full-margin requirement at 15:50 ET (in about 4-min). We have seen swings of 10 to 30 points in that minute or two. Point change can be down, up, or a little of both.
ReplyDeleteA new post is started for the next day.
ReplyDelete